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The Russia-Ukraine war has changed considerably in recent weeks. Vladimir Putin is no longer talking explicitly about regime change in Ukraine. The Russian military has shifted its focus away from taking Kyiv and toward making territorial gains in Ukraine’s east. The prospect of an outright Ukrainian victory is no longer out of the question. And negotiations between the parties over a possible settlement appear to be making some progress.There’s been a darker turn as well: Over the weekend, images surfaced of atrocities committed by the Russian military against Ukrainian civilians. And Western leaders are considering expanding military aid to Ukraine, initiating war crimes investigations and placing harsher sanctions on Russia in response.Fiona Hill served as deputy assistant to the president and senior director for European and Russian affairs on the National Security Council under Donald Trump and as a national intelligence officer for Russia and Eurasia under Barack Obama and George W. Bush. I had her on the show a few weeks ago to help me make sense of the Russia-Ukraine conflict as it was developing at the time, and it was one of the most illuminating perspectives I’d heard on the topic. So I invited her back to discuss how the situation has changed, where we are now and what the conflict could look like.We discuss why Hill has become pessimistic about the possibility of a peace deal, how the carnage in Bucha could alter the course of the conflict, why Russia has been so much weaker on the battlefield than expected, whether Ukraine can achieve an outright victory, why this war is making Putin more popular in Russia (not less), what else the West could be doing to support Ukraine, why Hill thinks we’re entering a “much darker” phase of the conflict, what role China could play in bringing about a negotiated settlement, what a renewed framework for European security could look like and more.Book Recommendations:The Art of War by Sun TzuThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris, Kate Sinclair and Mary Marge Locker; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The hype around cryptocurrencies has reached a fever pitch. There are Super Bowl ads for crypto companies featuring celebrities like Matt Damon and Larry David. The Staples Center in Los Angeles is now the Crypto.com Arena. And behind that hype is a distinct vision: a more decentralized economy where individuals have more autonomy over their finances, a grass-roots internet free of the not-so-invisible hand of Big Tech, and a cultural ecosystem where artists and musicians can fairly monetize their work.But what if that vision is deeply flawed? What if the technology undergirding cryptocurrencies isn’t what it’s cracked up to be? Or what if the technology does work, yet the world it creates isn’t a decentralized utopia but a hyper-financialized dystopia?Dan Olson is the creator of a two-hour-YouTube video, “Line Goes Up,” that has now been viewed nearly seven million times. “Line Goes Up” is the single most comprehensive critique of crypto that I’ve ever heard. And that’s because Olson isn’t just focused on cryptocurrencies as a technology or an asset class, but on the crypto universe as a distinct culture underpinned by a powerful ideology. It’s easy to think about the lingo, the acronyms and the myths associated with the crypto world as incidental to the value of cryptocurrencies and NFTs as assets. But for Olson, the culture and the currency are inextricably linked. And once you’ve made that connection, suddenly a lot of the problems, warning signs and potential dangers of crypto become visible in a new way.Mentioned:“A Crypto Optimist Meets a Crypto Skeptic” from “The Ezra Klein Show”“How NFTs Create Value” by Steve Kaczynski and Scott Duke KominersYou Are Not a Gadget by Jaron Lanier“Web3 Is Going Just Great” by Molly WhiteThe Gift by Lewis HydeBook recommendations:The Power Broker by Robert A. CaroThe Tombs of Atuan by Ursula K. Le GuinPersuasive Games by Ian BogostThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair; original music by Isaac Jones; mixing by Jeff Geld and Isaac Jones; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Russian political scientist Ilya Matveev recently described the impact of the West’s sanctions on his country as “30 years of economic development thrown into the bin.” He’s not exaggerating. Economists expect the Russian economy to contract by at least 15 percent of G.D.P. this year. Inflation is spiking. An exodus of Russian professionals is underway. Stories of shortages and long lines for basic consumer goods abound.The U.S. and its allies have turned to sanctions as a way of taking action against Russia’s atrocities without direct military intervention. But to describe these sanctions as anything short of all-out economic warfare is euphemistic. Measures like these might be cloaked in the technocratic language of finance and economics, but the immiseration they cause is anything but abstract.Nicholas Mulder is a historian at Cornell University and the author of the terrifyingly relevant new book “The Economic Weapon: The Rise of Sanctions as a Tool of Modern War.” In it, Mulder focuses on the last time economic warfare was waged at the scale we’re witnessing today, the period between World War I and World War II. And the book’s central lesson is this: We ultimately don’t know what’s going to happen when sanctions of this magnitude collide with the ideologies, myths and political dynamics of a given country. They could persuade the targeted country to back down. But they could also make it so desperate that it becomes more aggressive or lashes out — as Germany and Japan did on the eve of World War II.So this is a discussion about what kind of weapon sanctions are, whether they actually achieve their goals and how they might shape the future of the Russia-Ukraine conflict — and the world. We also explore how sanctions “weaponize inflation,” whether they could lead to Vladimir Putin’s downfall in Russia, the toll they have taken on the Russian economy, how the West can leverage its sanctions to help bring about an end to the war in Ukraine, whether a European energy embargo could backfire, how this economic war is destabilizing countries around the world, the humanitarian crisis U.S. sanctions are helping create in Afghanistan, and what a foreign policy that didn’t rely so heavily on sanctions could look like.This episode is guest hosted by Rogé Karma, the staff editor for “The Ezra Klein Show.” Rogé has been with the show since July 2019, when it was based at Vox. He works closely with Ezra on everything related to the show, from editing to interview prep to guest selection. At Vox, he also wrote articles and conducted interviews on topics ranging from policing and racial justice to democracy reform and the coronavirus.Mentioned:“The Inflation Weapon: How American Sanctions Harm Iranian Households” by Esfandyar Batmanghelidj “Iran, Sanctions and Inflation as a Weapon of Mass Destruction” by Spencer Ackerman Oligarchy by Jeffrey A. Winters“If Joe Biden Doesn’t Change Course, This Will Be His Worst Failure” by Ezra Klein Book recommendations:Collapse by Vladislav M. ZubokThe Perfect Fascist by Victoria de GraziaMy Century by Aleksander WatThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris, Kate Sinclair and Mary Marge Locker; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.